Cloud Backup Market Trends, Share, Development Policies and Future Growth 2023 Analysis
The cloud analytics market is rising pervasively over the past couple of years mainly due to the increasing number of business, worldwide. The technology is empowering the businesses to grow exponentially without worrying about the scalar size and the speed the data gets accumulated with or the challenges its bringing along.
Owing to the vital role of cloud analytics play, contributing to the growth of the businesses, its market is growing pervasively with the rapid pace. The proliferation of connected & smart devices, social networks, internal applications, and the scalar size data they generate, escalate the market on the global platform. Similarly, growing businesses augment the market demand for cloud analytics.
Besides, to the factors fostering the market growth include technological advancements and the augmenting uptake of cloud analytics. On the other hand, factors such as safety and security concerns brought about due to the cloud analytics still being in the nascent stage, coupled with the reluctance of the market players for investments inhibit the market growth.
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Major Key Players:
Some of the eminent players leading the market include Oracle Corporation (US), Microsoft Corporation (US), IBM Corporation (US), EMC Corporation (US), Amazon Web Services. (US), Google Inc. (US), Dropbox, Inc. (US.), VMware Inc. (US), Barracuda Networks, Inc. (US), Datto, Inc. (US.), CommVault Software (US), Symantec Corporation (US), and Code42 Software, Inc. (US).
Moreover, its solutions such as simple management and monitoring, real-time backup & recovery, simple integration of cloud backup with enterprise's other applications, data de-duplication, customer support, and many others services drive the market growth to an extent.
According to MRFR, The global Cloud Backup market is forecasted to gain prominence over the forthcoming years. The Market is forecasted to reach to USD ~5.66 Billion by 2023 growing with a striking double digit CAGR of ~21.4 % of during the forecast period 2017-2023.
August 28, 2018 – Arsenal Football Club (UK) announced its partnership with Acronis International GmbH (Switzerland), a global technology company developing on-premises and cloud software for backup, disaster recovery, and secure file sync and share and data access. The Football club is increasingly driven by video and data analysis and hence, wants to opt for cloud backup software-as-a-service and quick restore to any location to replace ad-hoc staff solutions.
August 21, 2018 – Pure Storage (US), an enterprise data flash storage company announced the acquisition of StorReduce, Inc., (US), a cloud backup start-up. The acquisition is expected to boost Pure Storage’s ability to manage big data migrating to the cloud.
Current Market Trends and developments
Trends such as cloud computing, analytics, online development platforms such as software, gaming and others are expected to create large data backup needs. Cloud is expected to store greater than 55 % of consumer data in the near future.
Advent of big data, growing IT industry, connected data ecosystems; internet of things, growing mobility etc. will drive the demand for cloud storage.
Cloud backup demand from large enterprises expected to be the largest segment of the market
Personal computing trends such as multi operating systems, dual booting, interoperability will create need for greater data storage
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Segmentation By Solution: Comprises Primary storage, Disaster recovery, Cloud storage gateway and backup storage.
Segmentation By Deployment : Comprises Public Cloud, Private Cloud, and Hybrid Cloud.
Segmentation By Organization Size: Comprises SMEs and Large Enterprises
Segmentation By Service: Comprises Training and consulting, Support and maintenance, Cloud integration and migration and Managed services.
Segmentation By End-User : Comprises BFSI, Consumer goods and retail, Education, Government and public sector, Healthcare and life sciences.
The regional analysis of Cloud Backup market is being studied for region such as Asia Pacific, North America, Europe and Rest of the World. Cloud Backup has driven due to its solutions like storage, simple management and monitoring, real-time backup and recovery, simple integration of cloud backup with enterprise's other applications, data de-duplication, customer support and many others services.
It has been observed that North America region is the leading in Cloud Backup market. The study reveals that Europe region is showing a rapid growth in the Cloud Backup market. Asia-Pacific countries like China, Japan and India is projected to be the fastest growing region in the Cloud Backup market due to the increasing size of high data generation in many countries.
• Software investors
• Cloud vendors
• Application design and development service providers
• System integrators/migration service providers
• Training and education service providers
• Data integration service providers
• Managed service providers
• Data quality service providers
• Security Management Service Provider
• Security Equipment Providers
• Security Agencies
• System Integrators
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